China invests $14.55 billion into internet

The glorious Chinese government has set up a $14.55 billion fund to support investment in the internet sector.

According to the official news agency Xinhua the fund is backed by China’s cabinet [shurely the china cabinet.ed] and is designed to help turn China into a major player in internet technology, said the report.

Some of the cash has already been raised from major banks and telecoms firms including ICBC, China Mobile and China Unicom. The idea is to have a pile of cash which companies using the internet can apply to the fund for investment.

China said earlier this month it would invest huge amounts of cash between 2016 and 2018 to develop information infrastructure.